Month: August 2023

Cypher announces recovery plan, says it will ‘socialize’ losses in initial stage

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Crypto trading platform Cypher has published a plan to recover from its $1 million exploit, stating it will “socialize” losses across the platform in an initial stage of the recovery. In the first stage of the plan, the Solana-based trading platform will produce a “pro rata redemption package” of current assets it possesses, which will become withdrawable by users through a web interface. However, the platform does not currently have enough funds to pay back all depositors, so losses will be distributed across all accounts in this initial stage rather…

Why is the crypto market down this week?

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The cryptocurrency market has experienced a notable downturn recently, with the total market capitalization falling by 10% between August 14 and August 23, reaching its lowest point in over two months at $1.04 trillion. This movement has triggered significant liquidations on futures contracts, the largest since the FTX collapse in November 2022.  Total cryptocurrency market capitalization, USD. Source: TradingView Several economic factors have contributed to this decline. As interest rates have surpassed the 5% mark and inflation remains above the targeted 2%, finance costs for both families and businesses have…

This Solana Pay Integration Could Onboard Millions Into Crypto

A recent report from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases. Solana Enters The Mainstream With Shopify Cooperation? Speaking with the media outlet, Josh Fried from the Solana Foundation highlighted that the Pay supported by stablecoin USDC is the first to integrate with the marketplace. This digital asset was chosen due to its low volatility and familiarity with the US dollar. However, in the future,…

Coinbase’s Viral Blockchain App, Friend.tech, Keeps Focus on Underlying OP Stack Technology

PRICE OF POPULARITY: Coinbase, the big U.S. crypto exchange, is getting a fast education, as one of the first big publicly traded companies to run its own blockchain. Its new Base project, a layer-2 network atop Ethereum, just launched this month, and already one of its new applications, Friend.tech, has gone viral, quickly attracting more than 100,000 users and generating more than $25 million in fees. Friend.tech, which allows users to purchase shares of X (Twitter) influencers, saw a rapid spike in activity (see chart above) after announcing on Aug. 18…

Crypto entrepreneur faces potential prosecution in Israel related to $290M scam: Report

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Police in Israel have reportedly accused entrepreneur Moshe Hogeg of defrauding users out of roughly $290 million through scams involving crypto projects. According to an Aug. 23 report from the Times of Israel, the national police force recommended to prosecutors that Hogeg be charged with fraud, theft, money laundering, and sex crimes, accusing the Israeli citizen of raising $290 million from investors for crypto projects under false pretenses. The entrepreneur had been previously detained by Israeli authorities in November 2021 for allegedly engaging in unlawful activities including fraud involving cryptocurrency,…

Kresus launches curated marketplace for Polygon projects

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Web3 developer KresusLabs announced the launch of Kresus Market, a curated marketplace that acts as a portal to Polygon projects, on Aug. 23.  Unveiling The #Kresus Marketplace: A Curated Marketplace To Explore What Polygon Has to Offer!https://t.co/PiYVx9kwUb The world of crypto can be overwhelming, so we made the Kresus Marketplace to make navigating it easier and more accessible! Let’s dig into it 1/5 pic.twitter.com/t4RTFAw3iH — Kresus: Crypto & NFT SuperApp (@Kresusofficial) August 23, 2023 KresusLabs has made its presence felt in the Web3 space throughout 2023 after closing a $25…

Young South Koreans prefer XRP to Bitcoin and Ethereum

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Young crypto investors in South Korea prefer XRP to Bitcoin (BTC) and Ethereum (ETH), two of world’s largest cryptocurrencies by market capitalization.  XRP is a dominant choice among Gen Z South Korean investors Bithumb data reveals that 82.5% of investors in their twenties, often referred to as “Gen Z”, preferred other altcoins but not ETH. According to local news outlet News 1, which analyzed Bithumb’s investment data in H1 2023, it was discovered that Gen Z…